India's steel trade deficit widened to ₹4234 crore in FY24, with Chinese imports dominating and impacting domestic prices and exports. According to provisional government data, India's finished steel imports stood at 8.3 MT in fiscal 2024, up 38% year-on-year. The major imports were from China, which displaced traditional markets like Japan and South Korea.
In the first two months of FY25 (April-May 2024), India's steel trade deficit in value terms increased to $516 million, equal to 47% of the deficit in the full FY24. Imports during this period were estimated at 1.3 MT, up 37% year-on-year, while exports declined 40% to 0.94 MT. Flat products accounted for 95% of imports, up 42%, while non-flat product imports fell 8.9%. Flat product exports, 87% of total exports, were down over 42%, and non-flat steel exports declined 11%.
The surge in Chinese imports and drop in exports have widened India's steel trade deficit, making the country a net importer of steel in fiscal 2024 with an overall deficit of 1.1 MT.
